Fiscal 2019 second-quarter net sales were a record $1.36 billion, up
3.6% over the $1.32 billion reported a year ago. The quarter’s results
include the impact of charges of $29.2 million primarily for
acquisitions, convertible debt extinguishment and restructuring related
to the company’s operating improvement plan. Investment losses were $6.5
million during the current quarter as a result of a new accounting
standard, which now requires RPM to record unrealized gains and losses
on equity securities in earnings rather than as a component of equity.
For the fiscal 2018 second quarter, the company recorded a favorable
discrete tax adjustment of $18.0 million related to the implementation
of a foreign legal entity realignment and corresponding planning
strategy. Fiscal 2019 second-quarter net income was $49.2 million versus
$95.5 million in the year-ago period. Diluted earnings per share (EPS)
were $0.37 compared to $0.70 in the year-ago quarter. Income before
income taxes (IBT) was $66.6 million compared to $109.2 million reported
in the fiscal 2018 second quarter. RPM’s consolidated earnings before
interest and taxes (EBIT) were $96.8 million compared to $131.8 million
reported in the year-ago period. Excluding the charges mentioned above,
RPM’s current-quarter adjusted EBIT was $126.0 million and diluted EPS
was $0.52, compared to prior-year second-quarter adjusted diluted EPS of
$0.57.

“We achieved solid top-line improvement with sales growth of 3.6%,
despite the unfavorable foreign currency translation effect of 2.0%,”
stated Frank C. Sullivan, RPM chairman and chief executive officer.
“Like many manufacturers, our bottom line was impacted by a continued
rise in costs for raw materials, freight, labor and energy, as well as
adverse foreign exchange translation. SG&A improved by 30 basis points,
and adjusted SG&A, excluding restructuring expenses, improved by 100
basis points versus last year’s second quarter. Restructuring activities
related to our MAP to Growth operating improvement plan, the details of
which we shared at an investor day on November 28, are well under way.
Our plan is focused on driving greater efficiency and long-term
profitability of the business to enhance shareholder value.”

As previously announced, on November 27, 2018, RPM redeemed all of its
outstanding 2.25% Convertible Senior Notes due 2020, primarily with
cash. As a result, approximately 3.3 million shares will be removed from
the calculation of diluted EPS going forward.

Second-Quarter Segment Sales and Earnings

During the fiscal 2019 second quarter, RPM’s industrial segment net
sales increased 2.1% to $718.0 million from $702.9 million a year ago,
reflecting organic growth of 3.3% and acquisitions contributing an
additional 1.5%. Foreign currency translation reduced sales by 2.7%.
Industrial segment IBT was $54.4 million compared with $67.7 million a
year ago. EBIT was $56.8 million compared to $70.2 million in the fiscal
2018 second quarter. Adjusted EBIT, which excludes charges related to
acquisitions, restructuring and other expenses, increased 1.0% to $70.9
million from the year-ago period.

“Solid performance in our businesses providing corrosion control
coatings and concrete admixture and repair products drove top-line
growth in the industrial segment, despite the impact of the second
wettest autumn on record in the U.S., which affected sales somewhat,
particularly in our commercial roofing business,” stated Sullivan.
“International sales, which account for approximately half of our
industrial segment business, were soft this quarter. Higher raw material
costs, unfavorable foreign exchange, restructuring and other related
charges impacted results. We made good progress on our operating
improvement initiatives in the segment, which included consolidating
production after announcing the closure of three plants and shifting
that manufacturing to other facilities.”

RPM’s consumer segment generated a 4.1% increase in sales to $432.6
million from $415.4 million in the fiscal 2018 second quarter. Organic
sales increased 2.8%, while acquisition growth contributed 2.9%. Foreign
currency translation reduced sales by 1.6%. Consumer segment IBT was
$41.2 million compared with $45.1 million in the prior-year period. EBIT
was $41.3 million compared to $45.2 million in the fiscal 2018 second
quarter. Excluding restructuring-related expenses, adjusted EBIT was
$42.9 million for the fiscal 2019 quarter.

“Price increases instituted late in the first quarter helped to mitigate
margin erosion in the consumer segment. However, raw material costs and
foreign exchange continue to be challenges,” stated Sullivan. “On the
top line, organic sales growth was aided by pricing and new product
introductions in our sealants and adhesives business, resulting in new
accounts and market share gains. Sales were tempered by the
exceptionally wet weather in the U.S., the segment’s largest market. We
continued to make operational improvements, which were kicked off in our
fourth quarter of last year, leading to reductions in working capital
and the announced closure of one additional manufacturing facility
during the second quarter.”

RPM’s specialty segment reported fiscal 2019 second-quarter sales growth
of 7.6% to $212.0 million from $197.1 million in the year-ago period.
Organic growth contributed 2.3%, while acquisition growth was 6.1%.
Foreign currency translation reduced sales by 0.8%. Specialty segment
IBT was $30.0 million compared with $34.4 million in the prior-year
period. EBIT was $29.9 million compared to $34.4 million in the fiscal
2018 second quarter. Adjusted EBIT, which excludes acquisition costs and
restructuring-related expenses, was $34.1 million in the fiscal 2019
second quarter.

“Driving the strong second-quarter performance in the specialty segment
were our businesses providing wood coatings, powdered coatings and
fluorescent colorants. The segment also received a boost to the top line
from the acquisition of Nudura in September, which extends our building
envelope product line offerings. Performance by our restoration
equipment business was brisk as it responded to recent natural
disasters, but was below elevated sales levels that resulted from
Hurricane Harvey last year. We made MAP to Growth progress in this
segment as well, with the announced closure of one manufacturing
facility,” Sullivan stated.

First-Half Sales and Earnings

Fiscal 2019 first-half net sales improved 6.1% to $2.82 billion from
$2.66 billion during the first six months of fiscal 2018. Organic growth
was 5.4%, with acquisitions adding 2.1% and foreign currency translation
reducing sales by 1.4%. Net income was $119.0 million compared to $211.9
million in the fiscal 2018 first half. Diluted EPS was $0.89 versus
$1.56 a year ago. IBT was $158.5 million compared to $264.5 million
reported in the fiscal 2018 first half. EBIT was $210.7 million versus
the $309.4 million reported last year. Excluding charges for
acquisitions, convertible debt extinguishment, asset write-offs,
restructuring and other expenses, fiscal 2019 first-half adjusted EBIT
was $279.7 million and diluted EPS was $1.28. Excluding a charge for a
favorable discrete tax adjustment of $18.0 million, fiscal 2018
first-half adjusted diluted EPS was $1.43.

First-Half Segment Sales and Earnings

Fiscal 2019 first-half sales in RPM’s industrial segment were up 4.7% to
$1.50 billion from $1.43 billion in the fiscal 2018 first half. Organic
sales increased 5.0%, while acquisition growth added 1.6%. Foreign
currency translation decreased sales by 1.9%. IBT for the industrial
segment was $123.5 million from $156.6 million in fiscal 2018. EBIT of
$128.3 million compared to $161.7 million in the first half last year.
Excluding the fiscal 2019 first-half charges mentioned above, industrial
segment EBIT increased 1.9% to $164.7 million from adjusted EBIT of
$161.7 million a year ago.

First-half sales for the consumer segment improved 8.9% to $917.8
million from $842.6 million a year ago. Organic sales growth was 7.6%,
acquisitions added 2.3%, while foreign currency translation reduced
sales by 1.0%. The consumer segment reported IBT of $92.5 million,
compared to $117.5 million in the year-ago first half. EBIT of $92.8
million for the first six months of fiscal 2019 compares to $117.8
million in the prior-year period. Excluding charges previously
mentioned, fiscal 2019 first-half consumer segment EBIT was $95.8
million.

Specialty segment sales grew 5.0% to $404.8 million from $385.6 million
in the 2018 first half. Organic growth was 2.0%, while acquisitions
added 3.3%. Foreign currency translation reduced sales by 0.3%. IBT for
the specialty segment was $57.8 million compared to $67.6 million in
fiscal 2018. For the first half of fiscal 2019, specialty segment EBIT
was $57.6 million compared to $67.4 million a year ago. Excluding
charges mentioned above, specialty segment EBIT was $64.7 million for
the first six months of fiscal 2019.

Cash Flow and Financial Position

For the first half of fiscal 2019, cash from operations grew by 28.7% to
$148.3 million compared to $115.2 million a year ago. This increase of
$33.1 million was due to improved working capital management. Capital
expenditures of $57.8 million compared to $45.3 million during the first
half of last year. Total debt at November 30, 2018 was $2.37 billion,
compared to $2.14 billion at November 30, 2017 and $2.17 billion at May
31, 2018. At November 30, 2018, liquidity grew from the prior quarter to
$1.1 billion, as a result of a recent refinancing of the company’s
revolving line of credit. Total liquidity includes cash of $226.9
million and $862.9 million in long-term committed available credit.

Business Outlook

“We remain focused on executing our MAP to Growth operating improvement
plan, targeting a 540-basis-point improvement in our operating margin.
As we announced on November 28, 2018, we intend to return $1.5 billion
in capital to our stockholders by May 31, 2021, through a combination of
dividends and share repurchases. In addition to the previously mentioned
convertible bond redemption, we have repurchased approximately $82.0
million of our common stock through November 30, 2018. Additional
actions we completed during our fiscal 2019 second quarter include the
announced closure of five manufacturing plants, the reduction of 149
positions, and the start of our transition to center-led manufacturing
and procurement functions. We also began to implement actions to improve
our manufacturing processes, optimize assets and reduce inventory, while
moving forward on our supply chain initiatives to consolidate the number
of vendors used and negotiate more favorable pricing and payment terms.
Accordingly, we are maintaining the long-term projections that we
provided at our November 28 investor day,” stated Sullivan.

“In the third quarter, from an operating perspective, revenue growth
should remain in the low- to mid-single-digit range. While we are seeing
the early benefits of our purchasing activities and softness in certain
raw material categories, it is important to note that because RPM is on
a FIFO basis for inventory, the benefits we are beginning to see on the
raw material front will typically flow into our income statement 90 days
later than if we were under the LIFO method of accounting, as is the
case with our large industry competitors. Further, due to three
non-operating items, we anticipate significantly lower reported earnings
and earnings per share for the third quarter period ending February 28,
2019. These items are:

An anticipated current tax rate of approximately 26.0% versus a
benefit from certain tax items of $5.9 million last year;

Compared to the prior-year realized gains on marketable securities,
the combination of declines in the equities market in December and the
new accounting standard that requires unrealized gains and losses on
equity securities to be reflected in earnings, we expect a
year-over-year negative impact during this year’s third quarter of $5
million to $6 million; and

An adverse comparison to last year’s third quarter, during which we
reversed approximately $3.4 million of long-term incentive
compensation when it became clear that the targeted goals would not be
reached.

“Taken together, expectations of continuing raw material cost challenges
and these non-operating items are likely to result in third-quarter EPS
in the range of $0.10 to $0.12,” stated Sullivan.

“Although we are in the early innings of our restructuring efforts, we
are making good progress, which has us excited about the prospects for
the future. As we work through the plan over the next few quarters, we
will continue to adjust out associated charges to provide a clear
picture of the initiative and its results,” Sullivan concluded.

Webcast and Conference Call Information

Management will host a conference call to discuss these results
beginning at 10:00 a.m. EST today. The call can be accessed by dialing
888-771-4371 or 847-585-4405 for international callers. Participants are
asked to call the assigned number approximately 10 minutes before the
conference call begins. The call, which will last approximately one
hour, will be open to the public, but only financial analysts will be
permitted to ask questions. The media and all other participants will be
in a listen-only mode.

For those unable to listen to the live call, a replay will be available
from approximately 12:30 p.m. EST on January 4, 2019 until 11:59 p.m.
EST on January 11, 2019. The replay can be accessed by dialing
888-843-7419 or 630-652-3042 for international callers. The access code
is 47724401. The call also will be available both live and for replay,
and as a written transcript, via the RPM web site at www.RPMinc.com.

For more information, contact Russell L. Gordon, vice president and
chief financial officer, at 330-273-5090 or rgordon@rpminc.com.

Use of Non-GAAP Financial Information

To supplement the financial information presented in accordance with
Generally Accepted Accounting Principles in the United States (“GAAP”)
in this earnings release, we use EBIT, adjusted EBIT and adjusted
earnings per share, which are all non-GAAP financial measures. EBIT is
defined as earnings (loss) before interest and taxes, with adjusted EBIT
and adjusted earnings per share provided for the purpose of adjusting
for items impacting earnings that are not considered by management to be
indicative of ongoing operations. We evaluate the profit performance of
our segments based on income before income taxes, but also look to EBIT
as a performance evaluation measure because interest expense is
essentially related to acquisitions, as opposed to segment operations.
For that reason, we believe EBIT is also useful to investors as a metric
in their investment decisions. EBIT should not be considered an
alternative to, or more meaningful than, income before income taxes as
determined in accordance with GAAP, since EBIT omits the impact of
interest in determining operating performance, which represent items
necessary to our continued operations, given our level of indebtedness.
Nonetheless, EBIT is a key measure expected by and useful to our fixed
income investors, rating agencies and the banking community all of whom
believe, and we concur, that this measure is critical to the capital
markets' analysis of our segments' core operating performance. We also
evaluate EBIT because it is clear that movements in EBIT impact our
ability to attract financing. Our underwriters and bankers consistently
require inclusion of this measure in offering memoranda in conjunction
with any debt underwriting or bank financing. EBIT may not be indicative
of our historical operating results, nor is it meant to be predictive of
potential future results. See the financial statement section of this
earnings release for a reconciliation of all non-GAAP measures.

Forward-Looking Statements

This press release contains “forward-looking statements” relating to our
business. These forward-looking statements, or other statements made by
us, are made based on our expectations and beliefs concerning future
events impacting us, and are subject to uncertainties and factors
(including those specified below) which are difficult to predict and, in
many instances, are beyond our control. As a result, our actual results
could differ materially from those expressed in or implied by any such
forward-looking statements. These uncertainties and factors include (a)
global markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability of
capital and the effect of changes in interest rates, and the viability
of banks and other financial institutions; (b) the prices, supply and
capacity of raw materials, including assorted pigments, resins, solvents
and other natural gas- and oil-based materials; packaging, including
plastic containers; and transportation services, including fuel
surcharges; (c) continued growth in demand for our products; (d) legal,
environmental and litigation risks inherent in our construction and
chemicals businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest rates;
(f) the effect of fluctuations in currency exchange rates upon our
foreign operations; (g) the effect of non-currency risks of investing in
and conducting operations in foreign countries, including those relating
to domestic and international political, social, economic and regulatory
factors; (h) risks and uncertainties associated with our ongoing
acquisition and divestiture activities; (i) risks related to the
adequacy of our contingent liability reserves; and (j) other risks
detailed in our filings with the Securities and Exchange Commission,
including the risk factors set forth in our Annual Report on Form 10-K
for the year ended May 31, 2018, as the same may be updated from time to
time. We do not undertake any obligation to publicly update or revise
any forward-looking statements to reflect future events, information or
circumstances that arise after the date of this release.

CONSOLIDATED STATEMENTS OF INCOME

IN THOUSANDS, EXCEPT PER SHARE DATA

(Unaudited)

Three Months Ended

Six Months Ended

November 30,

November 30,

2018

2017

2018

2017

Net Sales

$

1,362,531

$

1,315,416

$

2,822,520

$

2,660,810

Cost of sales

824,562

764,401

1,690,509

1,537,787

Gross profit

537,969

551,015

1,132,011

1,123,023

Selling, general & administrative expenses

430,080

419,599

889,822

814,008

Restructuring charges

7,724

27,800

Interest expense

23,127

26,396

47,533

53,169

Investment expense (income), net

7,033

(3,739

)

4,600

(8,192

)

Other expense (income), net

3,412

(422

)

3,725

(427

)

Income before income taxes

66,593

109,181

158,531

264,465

Provision for income taxes

17,420

13,323

39,172

51,704

Net income

49,173

95,858

119,359

212,761

Less: Net income attributable to noncontrolling interests

(51

)

395

371

882

Net income attributable to RPM International Inc. Stockholders

$

49,224

$

95,463

$

118,988

$

211,879

Earnings per share of common stock attributable toRPM
International Inc. Stockholders:

Basic

$

0.37

$

0.72

$

0.90

$

1.59

Diluted

$

0.37

$

0.70

$

0.89

$

1.56

Average shares of common stock outstanding - basic

131,058

131,163

131,467

131,204

Average shares of common stock outstanding - diluted

131,667

135,592

133,278

135,663

SUPPLEMENTAL SEGMENT INFORMATION

IN THOUSANDS

(Unaudited)

Three Months Ended

Six Months Ended

November 30,

November 30,

2018

2017

2018

2017

Net Sales:

Industrial Segment

$

717,968

$

702,905

$

1,499,941

$

1,432,673

Consumer Segment

432,576

415,431

917,772

842,575

Specialty Segment

211,987

197,080

404,807

385,562

Total

$

1,362,531

$

1,315,416

$

2,822,520

$

2,660,810

Income Before Income Taxes:

Industrial Segment

Income Before Income Taxes (a)

$

54,393

$

67,696

$

123,450

$

156,598

Interest (Expense), Net (b)

(2,417

)

(2,513

)

(4,810

)

(5,067

)

EBIT (c)

56,810

70,209

128,260

161,665

2020 MAP to Growth related initiatives (d)

11,734

34,050

Acquisition-related costs (e)

1,823

1,823

Loss on South Africa Business (g)

540

540

Adjusted EBIT

$

70,907

$

70,209

$

164,673

$

161,665

Consumer Segment

Income Before Income Taxes (a)

$

41,239

$

45,085

$

92,535

$

117,453

Interest (Expense), Net (b)

(107

)

(143

)

(272

)

(339

)

EBIT (c)

41,346

45,228

92,807

117,792

2020 MAP to Growth related initiatives (d)

1,570

2,979

Adjusted EBIT

$

42,916

$

45,228

$

95,786

$

117,792

Specialty Segment

Income Before Income Taxes (a)

$

29,979

$

34,439

$

57,780

$

67,606

Interest Income, Net (b)

94

78

163

198

EBIT (c)

29,885

34,361

57,617

67,408

2020 MAP to Growth related initiatives (d)

3,139

5,949

Acquisition-related costs (e)

1,108

1,108

Adjusted EBIT

$

34,132

$

34,361

$

64,674

$

67,408

Corporate/Other

(Expense) Before Income Taxes (a)

$

(59,018

)

$

(38,039

)

$

(115,234

)

$

(77,192

)

Interest (Expense), Net (b)

(27,730

)

(20,079

)

(47,214

)

(39,769

)

EBIT (c)

(31,288

)

(17,960

)

(68,020

)

(37,423

)

2020 MAP to Growth related initiatives (d)

6,250

19,546

Convertible debt extinguishment (f)

3,052

3,052

Adjusted EBIT

$

(21,986

)

$

(17,960

)

$

(45,422

)

$

(37,423

)

Consolidated

Income Before Income Taxes (a)

$

66,593

$

109,181

$

158,531

$

264,465

Interest (Expense), Net (b)

(30,160

)

(22,657

)

(52,133

)

(44,977

)

EBIT (c)

96,753

131,838

210,664

309,442

2020 MAP to Growth related initiatives (d)

22,693

62,524

Acquisition-related costs (e)

2,931

2,931

Convertible debt extinguishment (f)

3,052

3,052

Loss on South Africa Business (g)

540

540

Adjusted EBIT

$

125,969

$

131,838

$

279,711

$

309,442

(a)

The presentation includes a reconciliation of Income (Loss) Before
Income Taxes, a measure defined by Generally Accepted Accounting
Principles in the United States (GAAP), to EBIT and Adjusted EBIT.

(b)

Interest income (expense), net includes the combination of interest
income (expense) and investment income (expense), net.

(c)

EBIT is defined as earnings (loss) before interest and taxes, with
Adjusted EBIT provided for the purpose of adjusting for items
impacting earnings that are not considered by management to be

indicative of ongoing operations. We evaluate the profit performance
of our segments based on income before income taxes, but also look
to EBIT as a performance evaluation measure

because interest expense is essentially related to acquisitions, as
opposed to segment operations. For that reason, we believe EBIT is
also useful to investors as a metric in their investment decisions.

EBIT should not be considered an alternative to, or more meaningful
than, income before income taxes as determined in accordance with
GAAP, since EBIT omits the impact of interest in

determining operating performance, which represent items necessary
to our continued operations, given our level of indebtedness.
Nonetheless, EBIT is a key measure expected by and useful to our
fixed

income investors, rating agencies and the banking community all of
whom believe, and we concur, that this measure is critical to the
capital markets' analysis of our segments' core operating
performance.

We also evaluate EBIT because it is clear that movements in EBIT
impact our ability to attract financing. Our underwriters and
bankers consistently require inclusion of this measure in offering
memoranda

in conjunction with any debt underwriting or bank financing. EBIT
may not be indicative of our historical operating results, nor is it
meant to be predictive of potential future results.

(d)

Reflects restructuring charges, including: headcount reductions;
closures of facilities; accelerated vesting of equity awards in
connection with key executives, inventory-related charges to true-up
prior inventory write-offs at our Consumer Segment during the fiscal
2019 first quarter and inventory write-offs and disposals at our
Industrial Segment during the first half of fiscal 2019, all of
which have been recorded in cost of goods sold; accelerated
depreciation expense related to the shortened useful lives of
facilities being prepared for closure; increases in our allowance
for doubtful accounts deemed uncollectible as a result of a change
in market and leadership strategy; implementation costs associated
with our ERP consolidation plan; and professional fees incurred in
connection with the negotiation of a cooperation agreement and
related fees in connection with hosting an investor conference, all
of which have been incurred in relation to our 2020 Margin
Acceleration Plan initiatives.

(e)

Acquisition costs reflect amounts included in gross profit for
inventory disposals and step-ups related to fiscal 2019
acquisitions, and amounts included in SG&A for acquisition-related
professional fees during the second quarter of fiscal 2019.

(f)

Reflects the net loss on redemption of our convertible notes
incurred during the second quarter of fiscal 2019.

(g)

Reflects other expense associated with a change in ownership of a
business in South Africa, as required by local legislation in order
to qualify for doing business in South Africa.

SUPPLEMENTAL INFORMATION

RECONCILIATION OF "REPORTED" TO "ADJUSTED" AMOUNTS

(Unaudited)

Three Months Ended

Six Months Ended

November 30,

November 30,

2018

2017

2018

2017

Reconciliation of Reported to Adjusted
Selling, General & Administrative Expense:

Reflects restructuring charges, including: headcount reductions;
closures of facilities; accelerated vesting of equity awards in
connection with key executives, inventory-related charges to true-up
prior inventory write-offs at our Consumer Segment during the fiscal
2019 first quarter and inventory write-offs and disposals at our
Industrial Segment during the first half of fiscal 2019, all of
which have been recorded in cost of goods sold; accelerated
depreciation expense related to the shortened useful lives of
facilities being prepared for closure; increases in our allowance
for doubtful accounts deemed uncollectible as a result of a change
in market and leadership strategy; implementation costs associated
with our ERP consolidation plan; and professional fees incurred in
connection with the negotiation of a cooperation agreement and
related fees in connection with hosting an investor conference, all
of which have been incurred in relation to our 2020 Margin
Acceleration Plan initiatives.

(e)

Acquisition costs reflect amounts included in gross profit for
inventory disposals and step-ups related to fiscal 2019
acquisitions, and amounts included in SG&A for acquisition-related
professional fees during the second quarter of fiscal 2019.

(f)

Reflects the net loss on redemption of our convertible notes
incurred during the second quarter of fiscal 2019.

(g)

Reflects other expense associated with a change in ownership of a
business in South Africa, as required by local legislation in order
to qualify for doing business in South Africa.

Adjusted SG&A and adjusted EPS are provided for the purpose of
adjusting SG&A and diluted earnings per share for items impacting
earnings that are not considered by management to be indicative of
ongoing operations.

(p)

Reflects the portion of the acquisition costs from note (e) included
in SG&A, which is associated with professional fees in the second
quarter of fiscal 2019.

For more information, contact Russell L. Gordon, vice president and
chief financial officer, at 330-273-5090 or rgordon@rpminc.com.

About RPM

RPM International Inc. (NYSE: RPM) owns subsidiaries that are world leaders in coatings, sealants, building materials and related services. From homes to precious landmarks worldwide, their brands are trusted by consumers and professionals alike to protect, improve and beautify. Among its leading consumer brands are Rust-Oleum, DAP and Zinsser.

About Cookies

This website uses cookies and other tracking technologies (also known as pixels or beacons) to aid your experience (such as viewing videos), as well as “performance cookies” to analyze your use of this website and to assist with marketing efforts. If you click the "Accept All Cookies" button or continue navigating the website, you agree to having those first and third-party cookies set on your device. If you do not wish to accept cookies from this website, you can choose to not allow cookies from this website by updating your browser preferences. For more information on how we use Cookies, please read our Privacy Policy.